https://www.taxtmi.com/caselaws?id=770509 The ITAT Mumbai dismissed the Revenue's appeal in an ex-parte assessment case. The AO made additions for low gross profit under Section 144 and unexplained cash credits under Section 68. The CIT(A) deleted both additions. For gross profit, the Tribunal upheld deletion finding the assessee's business mix changed with reduced product sales and increased service income, making prior year comparisons inappropriate. For Section 68 addition regarding share premium from Japanese holding company, the Tribunal confirmed deletion as the assessee adequately explained the transaction's nature and source with proper RBI disclosures, satisfying Section 68 requirements. en-us Wed, 23 Apr 2025 00:00:00 +0530 Mon, 12 May 2025 09:19:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770509 The ITAT Mumbai dismissed the Revenue's appeal in an ex-parte assessment case. The AO made additions for low gross profit under Section 144 and unexplained cash credits under Section 68. The CIT(A) deleted both additions. For gross profit, the Tribunal upheld deletion finding the assessee's business mix changed with reduced product sales and increased service income, making prior year comparisons inappropriate. For Section 68 addition regarding share premium from Japanese holding company, the Tribunal confirmed deletion as the assessee adequately explained the transaction's nature and source with proper RBI disclosures, satisfying Section 68 requirements. Case-Laws Income Tax Wed, 23 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770509